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At mid-day, CBOT markets mostly lower

Agriculture.com Staff 10/03/2007 @ 8:55am

At mid-day, trading on the Chicago Board of Trade is mostly lower.

Jason Ward, North Star Commodity Investment Co., says there is more fund selling in the corn, which is trading down 4 cents.

"This corn market is the weakest of the three markets fundamentally. Soybeans have reversed today and are trading higher by 4 cents, they have been 7 lower and 10 higher, so a very volatile day in soybeans. Wheat is trading 6-7 lower at mid-day," Ward says.

End users could easily step up and buy these products. It was the wheat market that saw the first buyers come in this morning, Ward says.

On Wednesday, Japan took a small amount (700,000 bushels), Bangladesh took 1.8 million bushels and the U.S. sold 10.6 million bushels to an unknown destination.

"This is the type of news that puts bottoms in markets, but I don't want to get too excited today as hedge funds typically sell in three day waves. We could be lower today and tomorrow before we find that bottom. The key is to see end user buying on the 'break'. So far, we found that in wheat," Ward says.

At mid-day, trading on the Chicago Board of Trade is mostly lower.

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